ISLAMABAD, March.17 (INP): Rashakai Special Economic Zone (RSEZ) will be a leading example of public-private partnership with China.

It is poised to uplift Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province by attracting local and foreign investment, creating thousands of jobs and bringing in economic and social services, said Hassan Daud Butt, CEO Khyber Pakhtunkhwa Board of Investment & Trade (KP-BOI).

Talking to Gwadar Pro, Hassan Daud Butt said, “Many Chinese enterprises and investors have shown keenness to invest in RSEZ. We are just waiting for the groundbreaking which will take place soon.

We have received many requests from Chinese investors for land acquisition in RSEZ and KP-BOI has prepared a plan to facilitate the investors upon the inauguration,"he said.

Prime Minister Imran Khan is expected to perform the groundbreaking of RSEZ on March 19.

The internal development work will begin after the inauguration while the external developments such as road construction, laying of electricity and gas pipelines are going full swing.

According to Hassan Daud Butt, the role of KP-BOI is to find potential investors, to interact with them and to give them potential projects.

“We also try our best to provide investors with one window service and to facilitate them in getting NOC (explain NOC) and regulation”, he told Gwadar Pro.

There is a one-time tax exemption for developers if they bring equipment for the development to the economic zone.

“However, we want them to bring technology which is the latest and modern and to employ our human resources,” he said and added that there is a ten-year tax exemption for investors in RSEZ.

Mr. Butt said that the RSEZ project is a leading example of public-private partnership with China.

“If it succeeds, the model of RSEZ could be adopted in other projects as well,” he said and hoped that RSEZ would become a “success story”.

Other than CRBC, which is jointly developing the RSEZ, China’s Century Steel (Pvt) Limited is the only foreign company that has acquired 40 acres of land in the economic zone.

Century Steel has planned to invest US$50 million in RSEZ and to employ around 1,000 people.

According to Mr. Butt, RSEZ will be developed in three phases. In the first phase, out of 1,000 acres of land, 300 to 400 acres will be developed.

“However, if the investors come in large numbers, we can develop the first and second phases fully, followed by the third phase,” he said.

Hassan Daud Butt termed the RSEZ a “big stepping-stone for Afghanistan” and said that investors will surely keep in mind the export of their products to Afghanistan or importing raw material from there to Rashakai. Investors from Afghanistan have also shown interest in investing in RSEZ.

He said that Torkham Border is not far away from Rashakai while more crossings at Pak-Afghan border are open that will help trade activities to grow.

RSEZ is expected to generate more than 200,000 jobs and the zone would contribute 2.30% of the provincial GDP.

INP/javed